Mr. Speaker, I truly appreciate this opportunity to highlight some of the very important initiatives in the jobs, growth and long-term prosperity act and to speak against the opposition amendments to delay this important legislation.
I listened intently this morning to a number of the speeches. I do have tremendous respect for democracy and tremendous respect for this place in which we all work. However, the suggestion by opposition members that democracy is in question here I refute completely and wholly. This is democracy. This is democracy in its finest hour because the government is defending democracy today.
My speech will address a number of things that defend democracy here today. Before I continue, as a member of the finance committee, i will acknowledge the detailed examination of this bill at committee stage. I will give all members the facts.
The finance committee and a special subcommittee, which is one of the first times we have ever seen a special subcommittee on a budget implementation bill, studied today's bill for nearly 70 hours. This is the longest consideration of budget legislation in decades. We heard from literally hundreds of individuals and organizations, from government officials, business leaders, academics, labour groups, industry associations and countless others.
The bill we are debating today positions Canada for economic prosperity, job creation and long-term fiscal health. It is designed to create a climate for private sector investment, innovation and opportunity.
It is crucial that Canada achieve its economic potential so that it can weather another period of global economic uncertainty. The economic upheaval abroad is bound to have an impact on our economy. Even though we must not underestimate the risks, Canadians can be sure that their country is in a good position to face the challenges posed by the global economic situation, as it has done in the past. To that end, we will continue to focus on measures that will keep Canada as competitive as possible during this time of economic uncertainty.
I am convinced that the bill before us today is a blueprint for a strong, prosperous Canada.
Having said all of that, I will now talk about how today's bill builds on Canada's commitment to make us more competitive in the future by removing red tape and bureaucratic obstacles.
As a trading nation, we understand how important an efficient border is to Canadians and our economy. Canada, like many other countries, provides residents returning from abroad with a personal exemption from duties and taxes for goods purchased up to a certain dollar value. Some of these exemption limits for Canadians have remained the same for many years. Given the considerable amount of travel that Canadians undertake every year, it makes sense to update these limits, as consumer groups have long requested.
Effective June 1, 2012, residents returning to Canada after being out of the country for 24 hours or more are exempt from duties and taxes on up to $200 of goods they purchase abroad. The exemption limit for those returning after at least 48 hours abroad has also been raised to $800.
These changes would reduce red tape for travellers who bring in goods within the new exemption limits and make it that much easier for Canadian residents returning home to complete the customs process. More important, these exemptions are exactly the same exemptions the Americans have when they shop here in Canada and return home. Consistency means efficiency. Our government understands how important an efficient border is to Canadians and to our economy.
These new exemption limits would expedite customs clearance for returning Canadian consumers, making cross-border business and personal travel more convenient for Canadians.
To facilitate access to Canadian tourist destinations, Bill C-38 will also eliminate or reduce the taxes on foreign-based rental vehicles temporarily imported by Canadian residents.
Before these changes were announced in Canada's economic action plan, foreign-registered rental vehicles that were temporarily imported by Canadian residents were usually subject at the border to GST on the full value of the vehicle, the green levy and the automobile air conditioner tax.
Until recently, this type of import was prohibited by federal vehicle safety rules, unless the vehicle in question was proven to comply with all Canadian standards.
Rental vehicles temporarily imported by foreign tourists visiting Canada are generally not subject to any taxes or similar restrictions.
In other words, the bill we are discussing today will eliminate or reduce the taxes on foreign-based rental vehicles temporarily imported by Canadian residents and, consequently, will make it easier to access Canadian tourist destinations. That is a good thing.
As households across this country understand, ensuring prosperity also means being responsible in how we treat every dollar.
Canadians know the importance of living within their means and they expect the government to do the same. For example, today's legislation would modernize Canada's current system by eliminating the penny from Canada's coinage system. Over time, inflation has eroded the purchasing power of the penny and multiplied its manufacturing costs. Until penny production was halted recently, it cost taxpayers 1.6¢ every time we made a penny. For businesses, the time and cost of processing pennies has increased, taking them away from the task of growing their businesses and creating jobs.
Other countries, such as New Zealand, Australia, the Netherlands, Norway, Finland and Sweden, have made smooth transitions to a penny free economy. The government expects that businesses will apply rounding for cash transactions in a fair and transparent manner. Canadians can rest assured that they will be able to redeem pennies for full value.
As consumers and businesses begin to rely less and less on the penny in their day-to-day lives, we hope that all Canadians will consider putting their last pennies to good use by donating them to charity. Eliminating the penny from Canada's coinage system will ensure that the Canadian currency system remains efficient and responsive to the needs of consumers, businesses and the economy.
We are also proposing to simplify administrative formalities as we strengthen our immigration system.
The jobs, growth and long-term prosperity act supports the government's commitment to better focus our immigration system on our economic objectives with the following three measures.
First, we are going to return applications to some of the applicants to the federal skilled workers program and refund as much as $130 million in fees. This will shorten the backlog in processing applications in the Canadian immigration system and will allow us to focus our efforts on responding to the real needs of the job market.
Second, we are going to work with the provinces, the territories and other stakeholders to further improve foreign credential recognition and to identify the next set of target occupations beyond 2012. This will help highly qualified new arrivals to find work in the area for which they have been trained and to contribute quickly to the Canadian economy.
Finally, we will continue to study other ways to improve the temporary foreign worker program in order to support economic growth and recovery and to make the program correspond better to the requirements of the job market.
From the countless hours of testimony we heard before the finance committee, I recall the comments of Richard Kurland, noted immigration policy analyst and attorney who told us:
I feel the government is doing the right thing. This is the right solution for a problem that has been plaguing this country for over 25 years. It is the first time it's being fixed.
The door is not shut; it's just that those are no longer the skills we need.
All of these measures would help to ensure that the Canadian economy continues to move in the right direction. We must take these actions in order to respond to the challenges of today while setting out a plan that our long-term goals demand.
I, therefore, urge all hon. members in this House to please take the work of the finance committee and the subcommittee to heart. This is a good bill that would move Canada forward. It would secure jobs, secure long-term prosperity and secure our economic growth.
I implore members from the opposite side to stop arguing about process, to look at the content, to see that it is good for Canadians and to vote in favour of moving this forward.